Social value is an increasingly popular concept that refers to the positive impact a company has on society and the environment, beyond its financial performance. It measures the wider benefits created by an organisation, including social, economic, and environmental impacts, rather than just the profits it generates. In this blog post, we will delve deeper into social value and why it matters for businesses today.
What are the Different Aspects of Social Value?
Social value can be broken down into three main aspects – social, economic, and environmental.
Social Aspect
The social aspect of social value refers to the positive impact a company has on society. This includes creating jobs and providing training opportunities, improving the health and wellbeing of employees, supporting local communities, and promoting diversity and inclusion.
Economic Aspect
The economic aspect of social value focuses on generating growth in the local economy – through local job creation, opening up supply chains to local providers, and encouraging innovation.
Environmental Aspect
The environmental aspect of social value refers to the impact a company has on the environment. This includes reducing greenhouse gas emissions, conserving resources, promoting sustainable practices, and minimising waste.
Why does Social Value Matter?
Social value matters because it is a way for businesses to create long-term benefits for society and the environment, beyond short-term profits. By focusing on social value, businesses can improve their reputation, build stronger relationships with local stakeholders rather than just shareholders or owners, and contribute to a more sustainable future. Furthermore, investors and consumers are increasingly interested in businesses that have a positive impact on society and the environment, making social value a key factor in business success.
Conclusion
In conclusion, social value is an important concept for businesses to embrace if they want to create long-term benefits for society and the environment. By focusing on the social, economic, and environmental impacts of their business, companies can gain a competitive edge, build trust and loyalty with stakeholders, and contribute to a more sustainable future.
A great way to start is by joining MatchMyProject, which can connect your business with local community organisations and jobseekers that need your support.
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